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Home / Author Archives: M. Faizan

Author Archives: M. Faizan

FBR & traders hold meeting for broadening of tax base

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ISLAMABAD: A consultative meeting between the traders associations and FBR representatives was held in the Broadening Tax Base Zone (BTB) to find ways of broadening the tax base. The consultative meeting was chaired by Director General BTB Mir Badshah Khan Wazir and was attended by Commissioner BTB (HQ) and Commissioner BTB Zone Islamabad. The BTB Zone had invited Traders Association ... Read More »

Asad Umar to raise issue of sudden devaluation in NA Finance Committee

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ISLAMABAD: Former Finance Minister Asad Umar, while responding to the matter of sudden devaluation of rupee against the US dollar, said on Thursday that the issue would be raised in the meeting of the National Assembly’s Standing Committee on Finance and Economic Affairs. He disclosed that until he was the finance minister, no such condition was placed forward by the ... Read More »

Govt considering to re-impose income tax slabs of 2017-18 to collect additional revenue

tax revenue

ISLAMABAD: Ministry of Finance is considering to re-impose income tax slabs of 2017-18 to collect the additional revenue of Rs100 billion. Pakistan Tehreek-e-Insaf government is set to give blow to salaried class in upcoming budget. Government apart from introducing new taxes, is likely to end tax exemptions to salaried individuals earning Rs400,001 to Rs1.2 million per annum. According to sources, ... Read More »

Inaugural ceremony of 26th Specialized Training Programme held

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ISLAMABAD: The inaugural ceremony of 26th Specialized Training Programme of the Commerce & Trade Group, Civil Services was held on 15th May 2019 in Pakistan Institute of Trade & Development (PITAD), Ministry of Commerce. The event was presided over by Secretary Commerce, Sardar Ahmad Nawaz Sukhera. Present on the occasion were senior officers from Ministry of Commerce, probationary officers and ... Read More »

FBR directs LTU to hold inquiry against PTA for not paying FED worth Rs7806.896m

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ISLAMABAD: Federal Board of Revenue (FBR) has directed to Large Taxpayer Unit to hold inquiry against Pakistan Telecommunication Authority due to their failure to clear outstanding amount of federal excise duty amounting to Rs7806.896 million. FBR also directed to LTU to expedite the legal proceedings and submit progress. According to details, Pakistan Telecommunication Authority (PTA) NTN 2634922, under the jurisdiction ... Read More »

NA Standing Committee directs FBR to review RD on import of tyres

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ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue once again directed FBR that the recommendations of the committee regarding regulatory duty on import of tyres should be reviewed and regulatory duty on import should be abolished. The meeting of the Standing Committee on Finance, Revenue and Economic Affairs of the National Assembly was held in Committee Room of ... Read More »

FBR seeks ACRs of deputy superintendents, inspectors, intelligence officers

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ISLAMABAD: Federal Board of Revenue (FBR) has requested the customs field formations to furnish ACRs and performance evaluation of the senior most deputy superintendents, customs inspectors and intelligence officers. On receipt of the required documents and papers, a meeting of Departmental Promotion Committee (DPC) will be convened and promotions of the senior most and eligible Inspectors Customs and intelligence officers ... Read More »

NA Standing Committee on Finance, Revenue & Economic Affairs to meet today

Photo of Standing Committee on Finance

ISLAMABAD: The Secretary Ministry of Finance will brief the Standing Committee National Assembly Finance, Revenue and Economic Affairs on the issue of Financial Action Task Force (FATF) today. The meeting of the committee will be held on 24th April (Wednesday) in committee room of Federal Board of Revenue. Committee will discuss and consider the report pertaining to budgetary Proposals received ... Read More »

FBR detects tax evasion of Rs693.72m by FESCO & NPGCL

FBR detects tax evasion of Rs693 72m by FESCO & NPGCL copy

ISLAMABAD: Federal Board of Revenue (FBR) has detected tax evasion cases by two power companies. It has been revealed that two power companies concealed the actual sales and evaded sales tax amount worth Rs693.72 million. Federal Board of Revenue has directed the related regional tax offices to fix the responsibility against the persons at fault. According to details M/s Faisalabad ... Read More »

FBR planning to issue Privilege Cards to top taxpayers

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ISLAMABAD: On the direction of Prime Minister Imran Khan, Federal Board of Revenue is planning to issue ‘privilege’ cards to the country’s top taxpayers. The move is aimed at promoting the taxpaying culture and increasing the tax net in the country. The cards were first launched by the Pakistan Muslim League Nawaz (PML-N) government in 2014 where as many as ... Read More »

FBR detects unlawful issuance of refunds worth Rs724m

tax refunds

ISLAMABAD: Federal Board of Revenue (FBR) has detected cases of unlawful issuance of refunds without fulfilling of formalities amounting to Rs274 million by three field formations including Corporate Regional Tax Office Lahore, Large Taxpayer Unit II (LTU) Karachi and Regional Tax Office (RTO) Hyderabad. Federal Board of Revenue has directed field formations to recover the revenue and fix responsibility on ... Read More »

Agreement with IMF to be signed before next budget

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ISLAMABAD: The agreement with IMF is now expected to be signed even before the next budget, said sources at the finance ministry. They said the budget has already been prepared as per the terms of IMF. The IMF actually wants micro-management in Pakistan for two financial years, 2019-2020 and 2020-2021.  The budget of these two fiscal years will be reflective ... Read More »

PM Imran forms high-powered body to assist Hafeez Sheikh

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ISLAMABAD: The prime minister has constituted a high-powered economic team to assist and support newly appointed adviser to Prime Minister on Finance, Revenue and Economic Affairs Hafeez Sheikh in addressing the current economic challenges facing by the country. As per details, the economic team included PTI stalwart Jahangir Tareen, renowned economist and former finance minister Shoukat Tareen, former State Bank ... Read More »

FBR proposes three to four rates for tax amnesty scheme

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ISLAMABAD: Federal Board of Revenue (FBR) has proposed three to four different rates for legalization of undisclosed assets, held domestically and abroad and unexplained income and expenditure under the proposed Assets Declaration and Amnesty Scheme-2019. Sources told Customs Today that the FBR has proposed three to four options in terms of conditions and rates for the tax amnesty scheme and ... Read More »

FBR directs to recover sales tax worth Rs992.69m from five ship breaking companies

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ISLAMABAD: Federal Board of Revenue (FBR) directed the Large Taxpayer Unit II (LTU) Karachi to recover Rs992.69 million from five ship breaking companies in the head of sales tax and fix the responsibility against the persons at fault. According to the details, five ship breakers including Al Hamza Commodities STRN 1750730002346, Imran Ship Breaking Company STRN 601720401437, M/s Usman Enterprises ... Read More »

FBR detects non-levy of super tax worth Rs49.845m on M/s A.F. Ferguson & Co

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ISLAMABAD: Federal Board of Revenue (FBR) detected non-levy of super tax worth Rs49.845 million on M/s A.F. Ferguson and Company by the Regional Tax office III, Karachi and took stern action of poor monitoring of the field formation and ordered to the department to fix the responsibility against officials at fault and expedite the recovery of government revenue. According to ... Read More »

FBR detects case of short deduction of tax worth Rs1293.228m by 2 telecom companies

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ISLAMABAD: Federal Board of Revenue detected a case of short deduction of tax worth Rs1293.228 million by the telecom companies under the jurisdiction of Large Taxpayer Unit Islamabad. Sources told Customs Today that FBR high-ups took serious notice of this lapse by the Large Taxpayer Unit. Federal Board of Revenue has directed Large Taxpayer Unit to hold inquiry and fix ... Read More »

FBR takes serious notice of non-examination of goods at Port Qasim

PA Ibrahim Khan at R&D Port Qasim blackmailing importers copy

ISLAMABAD: Federal Board of Revenue (FBR) took serious notice of non-examination and weighing of outgoing and incoming subcontracting goods by the Customs Collectorate Export Port Qasim Karachi and directed the Collectorate to take action against the responsible for the lapse. According to standing order No. 2/87 (P), the outgoing and incoming subcontracting goods should be examined and verified by the ... Read More »

FBR detects 992 non-registered industrial gas connections under sales tax act

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ISLAMABAD: Federal Board of Revenue (FBR) detected 992 non-registered industrial and commercial gas connection holders liable to be compulsory registered under the tax laws. Sources told Customs Today that FBR has directed its field formations to register the industrial and commercial gas consumers and initiate legal action for recovery of government dues. Sources told that examination of industrial and commercial ... Read More »

Port Qasim claims irregular losses worth Rs761.109m

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ISLAMABAD: Port Qasim Authority has claimed irregular losses of Rs761.109 million during previous fiscal year. According to details, Port Qasim Karachi, irregularly claimed previous years loses on the basis of returns. However, it was observed in audit report of Auditor-General of Pakistan (AGP) that either previous years losses were not available or the same were reduced or converted into income ... Read More »